CalPERS Retirement Program
The California Public Employee Retirement System, also known as CalPERS, is a defined
benefit retirement plan and is coordinated with Social Security. CSU, Fresno employees,
other than Peace Officers, who are members of the CalPERS system are in the “State
Miscellaneous, First Tier” plan.
In a defined benefit retirement plan, you will receive a lifetime benefit determined
by a set formula. CalPERS uses your credited years of service, age at retirement,
and highest one-year compensation or three-year compensation while employed.
Membership Eligibility
- Positions that mandate CalPERS membership are:Full-time appointments that exceed six
months
- Half-time appointments averaging 20 hours per week for one year or longer
- Appointments of 3 consecutive semesters at 7.5 units or more
- Membership is mandatory and employee contributions range from 5% to 11%, based on
several factors, such as position held and date of employment
- Members are strongly encouraged to create a user account on my.calpers.ca.gov, where
you can create retirement estimates, update beneficiaries, and view other helpful
information
Employees excluded from CalPERS membership are covered by the CSU Part Time Retirement
Plan also known as the Part-Time Seasonal, Temporary Employees Retirement (PST) Program.
Your Retirement Formula
Retirement formulas differ and are based on dates of hire, prior service, and position
held.
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Hired on or After 01/01/2013
(as a New CalPERS Member)
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Hired on or After 01/15/2011 |
Hired prior to 01/15/2011
|
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Earliest Age for Retirement - 52
2% @ 62
- State miscellaneous, Tier 1 (MPP, Faculty, Staff) 36 months average consecutive compensation
2.5% @ 57
- Peace Officer (MPP, R08) 36 months consecutive compensation, subject to cap
|
Earliest Age for Retirement - 50
2% @ 60
- State Miscellaneous, Tier 1 (MPP, Faculty, Staff) 36 months average consecutive compensation
2% @ 55
- Peace Officer (MPP) 36 months average consecutive compensation
Peace Officer (R08) 36 months average compensation
|
Earliest Age for Retirement - 50
2% @ 55
- State Miscellaneous, Tier 1 (MPP, Faculty, Staff) 12 months highest consecutive compensation
3% @ 50
- Peace Officer (MPP) 12 months highest consecutive compensation
Peace Officer (R08) 12 months highest compensation
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How Your Retirement Benefit is Calculated
Three factors are multiplied together to calculate your service retirement:
- Service Credit – You earn service credit for each year or partial year you work under CalPERS membership.
A full-time employee who works at least 10 months per fiscal year will earn 1.0 years
of service credit. Part-time employees accrue service credit on a pro-rated basis
- Benefit Factor – Your benefit factor is the percentage of pay to which you are entitled for each
year of service. It is determined by your age at retirement and the benefit formula
that you qualify for
- Final Compensation – Final compensation is your average full-time monthly pay rate and special compensation
for your 12 or 36 months (see Retirement Formula above). The full-time pay rate is
used, not your earnings. If you work part-time, your full-time pay rate will be used
to determine your final compensation
Additional Contribution & Retirement Information:
Employees Subject to CalPERS 2024 Compensation Limits
- Employees who become new members of CalPERS on or after 1/1/2013, are subject to a
compensation cap of $151,446 (2024) if participating in Social Security or $181,734
(2024) if not participating in Social Security (such as Public Safety employees).
These amounts represent the maximum salary that can count toward final compensation
and calculation of retirement benefits for employees that are placed in the 2% at
62 or 2.5% at 57 retirement formulas. Once an employee reaches the compensation limit,
the employer and employee retirement contributions will no longer be reported for
the rest of the calendar year. Contributions will begin anew at the beginning of the
following calendar year.
Retirement Planning
The following information provides a general checklist for staff, faculty, and administrators
planning to retire. If you have not set-up your myCalPERS account to view and run
estimates, please log in to my|CalPERS set-up your account.
1) One Year Before Retirement: Research your Options
- Set-up your myCalPERS account
- Attend an on-campus CalPERS retirement planning workshop sponsored by Human Resources
or log in to your my|CalPERS account enroll in upcoming online classes or instructor led classes and events. You
may also schedule a one-on-one appointment with CalPERS by calling the Customer Contact
Center at 888 CalPERS (or 888-225-7377)
- Review your finances and/or discuss your plans with a financial planner
- Review options for purchasing eligible CalPERS service credits (i.e., Difference-in Pay Leaves, Annual Sabbatical, unpaid Maternity, Military, Service
Prior to Membership). The Service credit election form must be received by CalPERS prior to your retirement date
- Select a (tentative) retirement date and request an estimate of your monthly retirement
allowance from CalPERS. You may also request a Community Property Retirement Allowance
Estimate
2) Six Months Prior: Schedule a Retirement Session
Contact the Human Resources Benefits Office – schedule a retirement session and a
review of benefits. Spouses and/or partners are welcome to attend.
Faculty retiring and requesting participation in FERP for the next academic year will need the contact HR Benefits Contact or Faculty Affairs
for deadline date for request letter.
| HR Benefits Contact |
Phone |
Email |
|
Staff, Coaches, Faculty, Police, Administrators
|
Employees w/last names A - L: Debra Penner
Employees w/last names M - Z:
Rosie Ricca
|
559.278.4657
559.278.7178
|
dpenner@csufresno.edu
magdalen@csufresno.edu
|
- During the meeting, HR Benefits will review: Retirement Date(s), Health benefits and
Medicare coordination after retirement, Eligible dependent benefits, Survivor continuation,
Beneficiary options and instructions for notifying your department in writing or by
email.
- Contact the Social Security Administration (SSA) for benefits counseling (if applicable).
3) Within 90 days (120 days prior to Retirement date): Complete Retirement Application
on CalPERS
Submit your CalPERS application online via your my|CalPERS account. Log in to your
my|CalPERS account to schedule an appointment with a representative in a CalPERS office if submitting
a hardcopy application.
Notify your Department and Human Resources of your retirement in writing by email
or letter.
4) 30 Days prior to Retirement: Schedule Appointment with HR
30 Days prior to retirement (or 30 days prior to last day at work) schedule appointment
to meet with HR Benefits Contact to complete the Fresno State Check-Out Process.
- Transition into retiree benefits for medical, dental and vision, if eligible
- If you will be age 65 or are already 65+ when you retire, our office will discuss
your options for Medicare*. During our meeting, an Employer Verification form for
Medicare Part B will be provided, if applicable. Form will need to be provide to Social
Security/Medicare with application for Part B
- Reporting time in Absence Management, returning ID, Parking, keys, books, lap tops,
and equipment to the appropriate department
*There are many other rules associated with Medicare enrollment including penalties
for not enrolling in Part B at Retirement, moving out of the country, and deferring
Part B. Please schedule an appointment with Social Security.
5) 60 days AFTER Retirement date
- Log in to your my|CalPERS and check your Retirement check to ensure your Health plan and Dental plan deductions
are reflected on your retirement check
- If you enrolled in the voluntary Vision Services Plan (VSP) plan, VSP will invoice
you for the first three months. Your deduction should appear on your retirement check
by the 4th month
Congratulations on your successful retirement! If you have any questions regarding
benefits please email us at: hr@csufresno.edu
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